Raheja Revanta

Update February 8, 2012:

The prices for Tapas and Surya being offered by Raheja themselves in the primary market is now 5475 and 6475. Secondary market prices will not be available till the BBA’s are signed (my guess). So around April one should be able to start estimating secondary market prices.

Attached here is a map of the Metro network that will be coming on NH-8 right in front of the Raheja development.

Update 08 Nov 2011:

Apparently, the project is going to launch on 15th November 2011. Also, by push or pull, I think the 300/- prelaunch offer is still gettable, making it 4575/- psft for the low-rise Tapas townhouses.

The official site is rahejarevanta.com

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So, after my last Real Estate investment in 2006, described here, I am now back in the market and testing the waters again.

Me and a friend have each taken up a low-rise apartment in Tapas, in the development called Raheja Revanta in Sector 78 Gurgaon.

Location is as below:

Other pictures and material to be added soon…

If you would like to stay posted on this project and only if you are invested here, please send me an email at abyjain at hot mail dot com so that I can take your details on put you on the e-group for this project.

Price of property is too high…. NOO..OOT

The price of property is just never high enough. In my short adult life, I have always thought that the price of property is just too high whenever you find something that you actually want. The first (out of 1.5) apartment I have ever bought was bought at a price of INR 1750 psft. This was to change to 1900 psft the next day itself. Whew, so thankfully I went ahead and booked it and closed that transaction. WOW, I look back at that transaction and wonder why I did not buy 5 of them then. It is another matter that I could not sleep that night and wondered if I had made the right decision. Today, from that price of 1750 in April 2004, the price is roughly 5000 psft. Thats a return of 185% profit in 4 years. And trust me, its not too good if compared to the peak performers.

Looking for property in Dubai, it is impossible to believe that there is nothing to buy that you think is wirth living in for less than INR 20000000, or about AED 2M. And that would be a 1 bedroom. Not so long ago, this was maybe 1M and people thought it was a bubble then!!!

Old age wisdom says – Property seldom lets you down. Of course there can be bubbles, and of course there can be wars or bomb blasts… but in the long run, or on an average – if you can qualify for a loan – then buy a property.

At the same time, unwise and purely speculative positions are something that I would now stay away from. As noted in my post earlier, TDI Kingsbury at Kundli seems right now to be quite an unwise move, especially considering they DID charge quite an amount for the vision they showed. Now god only knows where they will take us, or more importantly – WHEN!!

Kingsbury by TDI at Kundli

EDIT 30th March 2012:

As usual, TDI keeps saying that delivery of the apartment will be within the next 3-6 months. The BIG scare that I got recently was that apparently the S block towers and the W block towers were under contention from the farmers etc and that work on these had stalled. Thankfully, having spoken to the TDI guys, I got to know that my particular tower, the W-6 is not under any such threat and it is some of the other towers. I feel bad about people who are going through this pain, because apparently after 6 years of making an investment, not only did TDI deliver no profits to its investors, they are now telling these particular owners that they have to shift to other apartments at the prices prevailing NOW. What a disgusting company and I wonder who would ever again invest with such people…

EDIT 1st Nov 2011:
Sorry for not updating and approving the comments for some time now. I have cleared most of the pending things. Also, I believe the latest is that TDI HAS finally been handing over the apartments in Kingsbury this year. My own apartment is still not handed over and I have some money that I need to pay to TDI.

Also, I had spoken to 2 brokers a couple of months ago. One of them said that you should be able to make 10-15 lakhs on the 3bhk after it is delivered and another said that since my building is one of the inner ones, I will not make any profit on it even after delivery.

What are your experiences, if any of you have sold or tried to sell?

EDIT 13th May 2010:

There is a group called TDIKAWA, which asks for membership fees etc. but promptly throws out a member of a bloody e-group as soon as I started asking questions about what they have done in the last one year in which they keep having meeting after meeting. Apparently, they decided that sending out an update email was leaking material to TDI. I cannot understand why the “TDI mole” cannot go to the meetings as well if it is important to them. The other thing is, if they did have a mole, it would probably be good for us as they would take us seriously if we were actually doing some damage to them. Just like a military dictatorship, these fools have actually thought that it is right to block someone from an e group because I had a dissenting tone. Even though half the members got there from this blog. Also, such rash behavior is probably not undertaken even by people of the Indian political system. I did not abuse, I did not threaten. Just cos I told them that they are all talk and no action, this joker of an owner of the e group actually banned me?!?! I’d advise anyone and everyone against giving any money to this residents welfare association till they can show what they have actually done beyond their adult game of meeting-meeting.

Edit on Jul 16, 2009:

There are a big number of people who are now getting together in Delhi contemplating legal and media based action against TDI for their behaviour and practises. Mostly, this has centred around the new and enhanced EDC being levied by TDI on customers who have already paid in full and been allotted as well as other customers who are feeling the pinch of firstly not getting anything at all in over three years and now bearing the brunt of more and more payments with no work to be seen almost.

I would request all investors of TDI to join this e-group mentioned in the post and comments of this blog entry. Together we can take a lot of action and media will also cover this if only they see the numbers and see the story in how the semi-reputed builders of this day and age are also fleecing customers. Look forward to some new folks joining the group and joining the action against TDI in Delhi.

The yahoo egroup is in the comments below.

Edit on Mar 10, 2009:

Just spoke to them again, and apparently for the 3BHK, Kingsbury, where I have the apartment, the allotment has STILL not reached 407 (my priority number). The thing is, we booked in APRIL 2006. We were made to pay again in JUNE 2007 by saying the allotment is coming up, even when the second payment was to be done ON ALLOTMENT. Since then, there is deathly silence except for new schemes all the time either trying to make you pay up in advance and being blackmailed into paying to get some allotment/possession/something.

The allotment apparently will still take “some time”.

The website, to which I am putting up some links below, actually talks about possession coming “soon” when I have not got a clue about allotment also. When I questioned the gentleman about it, he said yes, some possession is coming and it is for people who booked earlier than you. I mean, how much earlier could they have booked? 10 years before me? And I booked in original allotment with TDI directly!

Such brazen flouting of rules or principles should really be taken up by the authorities. Is there no one to oversee delivery and promise-keeping from these builders.

New pictures from the TDI website:

Edit on May 21, 2008:

Just spoke to the TDI Service Centre on 42166666. Point no. 1 – At least they talk politely and try to help. Of course, if there is nothing happening then no point blaming them for it or shouting on the staff… but they tell you what they can.

Updates:

1) Apparently the allotment for 3 BHK has happened till priority number 160. Mine is 407 so god knows when it will happen.

2) If you pay 90% of the amount, maybe also through the financing scheme in the comments below, then you can get immediate allotment.

3) Within 10-15 days of allotment, you will also have to pay the next installment which will be 277232.14/-

4) It is ABSOLUTELY SAD, but the pictures I have put up here on this blog are not of the apartment we seem to have bought as the woman told me that now “digging” is going on for the site!! Wonder what this building was on the TDI Site.

5) I remember when I had bought the house, it was supposed to be 1625 sqft. and now when I look at the receipt they sent me for the payments, it says 1400-1500 sqft. I had even confirmed with the contact centre very early on and they had said it was going to be 1625 sqft. Where did the amount in between go?

Seems like the place where me and my buddy invested in a flat finally seems to be taking off. It is really sad that we are not in India at the moment and I don’t know whats happening with the allotment of this flat. We really wanted to get in on an advatageous location within the complex. Perhaps overlooking the swimming pool 🙂

Anyway, a little bit happy that at least this work is happening –

Edit on 20th January 2008:

I guess all the optimism about something happening with TDI is waste. It has been almost 2 years since the booking investment was done and more installments have been paid since then. Had the same booking money been put with any of the other developers, it would have resulted in monetary gains for sure. This compares rather badly with the negative premium going on these TDI properties as far as I know. In any case, in two years, people usually develop and deliver the properties under construction. God help us!!!

Here is a link that usually has some activity on TDI properties -> TDI discussion forum